It took OpenAI’s ChatGPT just FIVE days to gain ONE MILLION USERS when it was launched in November.
You’ve almost certainly seen people using it on social media – you may even be using it yourself.
It definitely creates an “uncanny valley” effect the same way that AI images can.
People could conceivably use ChatGPT to handle customer service, basic research, legal filings, and other numerous tasks.
Of course, the bad news is that this could jeopardize countless jobs.
(And kids are already using it to do their homework – much to the frustration of teachers).
The key actor here is Microsoft (MSFT), which is investing billions in OpenAI and deepening its partnership with the company.
With a reported $10 billion going into OpenAI, Microsoft says it will be empowering “developers to build cutting-edge AI applications through direct access to OpenAI models backed by Azure’s trusted, enterprise-grade capabilities and AI-optimized infrastructure and tools.”
Azure is Microsoft’s cloud computing platform. It may become MSFT’s crown jewel.
AI is now the subject of the next big arms race within Big Tech. Even as companies are cutting back on staff, they are pouring in resources to get the best possible itereation of AI.
The winner of this competition could become the go-to for almost every company in the world.
AI is also going to force millions of people to improve their skill sets – as some of the world’s most educated employees may soon be replaced by machines.
This is not a good thing or something to celebrate.
But it’s reality.
It’s also a reminder why I’m so insistent on the necessity of trading.
Nothing can be taken for granted.
No industry is safe from innovation, even extremely destructive innovation.
No job is safe from automation, mechanization, and eventual replacement… except one.
And that job is trading itself.
Trading is, above all, a human pursuit.
Logic has its place, but so does fear, greed, love, and hope.
No machine will be able to understand those forces or simply work them into a mathematical model.
Stick with us. Unlike practically everything else in this world, we can promise we’ll never grow obsolete
Keep Moving,
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WORD ON THE STREET
SPOT Layoffs, MSFT Is All In, Musk’s Saudi Connection
- No One Is Safe – Spotify (SPOT) is the latest company announcing massive layoffs as corporate America tries to slash costs before an anticipated recession. About 6% of its workers are going to be let go – around 600 people. “Like many other leaders, I hoped to sustain the strong tailwinds from the pandemic and believed that our broad global business and lower risk to the impact of a slowdown in ads would insulate us,” said CEO Daniel Ek. “In hindsight, I was too ambitious in investing ahead of our revenue growth.” Easy for him to say. Workers now pay the cost for his hubris.
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A Reported $10 Billion Investment – Microsoft CEO Satya Nadella said his company is extending its partnership with OpenAI, the maker of ChatGPT. Nadella said the partnership will “responsibly advance cutting-edge AI research and democratize AI as a new technology platform.” MSFT’s new investment may be as high as $10 billion, according to a report from Semafor earlier this month.
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Musk Says He Was Totes Serious, Trust Him – Intent is a tough thing to prove in court. But that’s the way the system works. Elon Musk said that his tweets about taking Tesla private in 2018 were “absolutely truthful” because he thought the sovereign wealth fund of Saudi Arabia was behind him. Musk is facing a shareholders’ lawsuit related to losses caused by his 2018 tweets. Musk was reportedly flustered during cross examination. He also said he wasn’t at his best because he couldn’t sleep the night before. So no, this isn’t going well for the TecnoKing.
- Bottom Falls Out For BBBY – That’s the thing about meme stocks – the whole point is to cash out and leave someone holding the bag. Bed Bath & Beyond recently received its delisting notice from NASDAQ and the stock was down more than 12% yesterday. It shocked the markets with an extraordinary performance after reports it was heading towards bankruptcy, but the magic appears to be gone.
HOT SPOTS: What’s Going on in Geopolitics
- Boris Johnson: Give Ukraine Everything It Needs – Former UK Prime Minister Boris Johnson rhetorically asked “what are we waiting for?” when it comes to giving Ukraine more heavy weapons. “Ukraine is winning and will win this war,” said Johnson in a column in the Daily Mail. He called on the West to “double and treble our support.”
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Russia Builds Air Defenses Within Its Borders – Evidently anticipating air attacks within Russia itself, even Moscow, Vladimir Putin’s military has reportedly set up Pantsir-S1 mobile anti-aircraft systems in the capital. Another air defense system was reportedly constructed near President Vladimir Putin’s home about six miles away.
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80% Of China Caught COVID – It’s an extraordinary claim – but it’s coming from the Chinese government itself. Chinese health authorities say an astonishing 80% of the country has caught COVID-19 since “zero-COVID” policies were lifted. That’s more than a billion people. The government says only 72,000 have died – but some international experts think it’s more like one million.
CUTTING EDGE: What‘s Happening In Tech
- Earth’s Core Stopped Spinning – According to a new study, Earth’s inner core stopped spinning – and is now changing the direction in which it rotates. Apparently, this happens every 60 or 70 years, and may suggest a natural explanation to some climate and geological trends. The study was published by researchers from Peking University’s SinoProbe Lab at School of Earth and Space Sciences in the journal Nature Geoscience.
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Hope For Old iPhones – Man, companies must really be looking to save money when Apple is seemingly not pushing for people to update their iPhones. Apple released iOS updates for devices that are a decade old, as far back as the iPhone 5s.
- Starship Completes “Wet Dress Rehearsal” – That sounds somehow risqué, but I promise it’s not. SpaceX fueled a fully “stacked” (sigh, I promise, it’s a technical term) Starship at its Star Base facility in South Texas. It basically means they did everything besides launch the actual rocket. This is an important step before Starship’s first orbital flight.
FOR YOUR CONSIDERATION
“The West’s all-or-nothing diplomacy risks uniting two traditional enemies.”
Turkey has been at odds with Europe for a long time. Yet it wasn’t long ago when Turkey aspired to join the EU. Now, however, Ankara is seeking its own path – and that might even mean a new partnership with Vladimir Putin’s Russia.
Is NATO willing to gain Sweden and Finland at the expense of Turkey? Mr. X warns that’s the choice that’s coming… and the consequences could be disastrous for food, oil, and defense.
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